National Asset-Based Trucking Company

National Asset-Based Trucking Company

  • Negotiated credit and loan extensions
  • Refinanced secured debt

The company was an $800MM national, asset-based trucking company that provided over-the-road, regional, and contract carriage services. CR3 professionals were retained by the company’s lenders to provide advice on the viability of the company’s business plan and cash flow projections. CR3 supported negotiations of an extension of credit and calibration of associated loan covenants, allowing the company to successfully refinance its secured debt.

The Situation

  • $800MM national asset-based trucking company providing over-the-road, regional, and contract carriage services
  • Due to lower-than-expected operating revenue with a recent expansion of capacity, company missed certain loan covenants and was in default with secured lenders

The Work

  • CR3 Partners professional was engaged to support negotiations between company and secured lenders including continued extension of credit and covenants
  • Advised on viability of  company’s business plan, determined adequacy of cash flow based on risk-adjusted projections, and calculated appropriate loan covenants
  • Supported negotiations of a forbearance agreement so that company could continue to borrow from existing lender until new financing could be secured
  • Maintained periodic reporting and discussions between company and enders on business improvement initiatives, liquidity, and progress on new financing

The Results

  • Negotiated an extension of credit and associated loan covenants so that company could continue operating with no reduction of capacity
  • Company successfully refinanced secured debt with favorable terms
  • Today, company has $1.7B of annual operating revenue

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CR3 Partners Advises NEOPS Alongside SSG Capital on Sale of Debt
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CR3 Partners Advises NEOPS Alongside SSG Capital on Sale of Debt

SSG Capital Advisors, LLC (SSG) acted as the investment banker to New England Orthotic & Prosthetic Systems, LLC and its affiliates in the sale of all of its outstanding senior debt to AHM Healthcare Strategies (AHM), an affiliate of Eschen Prosthetic and Orthotic Laboratories, Inc. (Eschen).

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